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NZD/USD Head and Shoulders (November 12, 2013)
NZD/USD seems to have completed the head and shoulders formation on the 4-hour time frame, pending a break below the neckline around .8225. The pattern is roughly 300 pips in height, which suggests that the resulting breakdown could be of the same height.
Take note though that stochastic is already in the oversold zone, which suggests that Kiwi bears are taking a break. A strong catalyst could be needed for a stronger move lower.
Setting a sell stop below .8200 might be a good idea for a conservative entry and a stop above .8250 should be able to weather additional volatility.
By Kate Curtis from Trader's Way
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